Economic Growth Is Equal To

question 88

Multiple Choice

Economic growth is equal to:

• A)total factor productivity plus amounts of resources.
• B)growth in total factor productivity plus growth in amounts of resources.
• C)total factor productivity minus marginal factor productivity
• D)real GDP plus national output
• E)GNP plus GDP

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Definitions:

Input Market

The market where resources or inputs such as labor, materials, and capital are bought and sold, allowing businesses to produce goods and services.

Households

Entities consisting of one person or a group of people who share living accommodations and make joint or separate decisions in consumption and investment.

Normal Good

A Normal Good is a type of good for which demand increases when the income of the consumer increases and falls when the income decreases, assuming the price remains constant.

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, and land.